Storie di Successo

At KyribaLive 2022, David Deranek presented the following business case review that resulted in HCSC’s Technology Transformation and being awarded the 2021 AFP Pinnacle Award Grand Prize. “By elevating all these data proficiencies, treasury...

At KyribaLive 2022, David Deranek presented the following business case review that resulted in HCSC’s Technology Transformation and being awarded the 2021 AFP Pinnacle Award Grand Prize. “By elevating all these data proficiencies, treasury would be better able to make strategic decisions, using data to analyze the effectiveness of financial decision making. This would give treasury a bigger influence in the business enterprise, therefore making our treasury organization a true and dynamic strategic partner to the business.” David Deranek, Director of Treasury, HCSC The Mission: Use Data to Become an Agent of Change In 2018, HCSC’s treasury team embarked on a multi-year project and began operating under a new organizational mandate to provide an elevated level of strategic guidance to the CFO, Treasurer and Board of Directors. Treasury was given the opportunity to become an agent of change and an integral part in running the company’s operations by leading an enterprisewide transformation project: Deliver real-time BI analysis and unlock idle liquidity to better prepare the company to take action when a crisis hits. In order to do this, treasury initiaited a digital transformation project to unlock efficiencies and drive the business to profitability. The objectives were: Increase productivity Become more data-driven Increase business value “We realized every single aspect of the business was swimming in data, so as an organization we began asking “how can we think better with this data and how can we make better decisions as treasury professionals with this data” David Deranek, Director of Treasury, HCSC Become More Data-Driven by Upgrading Skills, Process Efficiencies, and Automation Technology In 2016, Kyriba’s TMS was implemented to centralize treasury functions. This first phase resulted in a more effective and productive treasury, but multiple independent financial platforms outside the TMS still existed, and data was siloed. HCSC knew they needed to unify these platforms to harnass all the data and drive more informed decisions. The Three Year Plan With Treasury’s mission in mind—to deliver strategic financial guidance , improve decision making, and increase agility to respond to new crises — HCSC set into motion a three year plan for data transformation. Year One Engage leadership with their teams and make recommendations for opportunities Maximize use of an in-house developed Treasury Enterprise Analytics & Reporting (TEAR) System Reallocate and repurpose staff resources for new strategic treasury functions Year Two Develop a maturity & capability scorecard Find production, process, and automation efficiencies Turn HCSC’s Treasury function into a true strategic consultancy Year Three Platform Optimization of TMS and interconnectivity to satellite treasury systems Bringing It All Together: Data Unification The Project to drive business intelligence and data-driven decision making was all connected into a home-grown tool called TEAR (Treasury Enterprise & Analytics Reporting) A data warehouse, consolidating data from disparate treasury system platforms API-enabled framework to integrate and unify external data sources Business intelligence & visualization solution, taking existing reporting framework from a system of record to a system of insight A treasury network (internal and external) to support treasury, forecasting, investment, accounting, actuarial, and corporate strategy teams Positive Business Outcomes Reduced VaR by Over 50 Percent in One Year Despite Significant Market Volatility. 97 Percent Real-time Visibility of Group Exposures. Visibility — 100% of enterprise cash, liquidity, financial exposures Investments — Unlocked $9B in investable capital for $40M/$155M in returns (doubling investment income) Forecasting — Reduced Tier 1 idle cash from $4.0B to $25M (90%) Responsiveness — Provided the ability to quickly pivot as Covid pressures required Productivity — Repurposed positions to assignments supporting new strategic functions. Technology did not eliminate jobs but gave people better ones!   The $320M Result Driving increased work satisfaction and career improvement for treasury personnel, Treasury directly added over $320 Million of value to HCSC’s bottom line. ABOUT HCSC HCSC is the 5th largest healthcare insurer in the U.S., operating as Blue Cross Blue Shield in Illinois, Texas, Montana, Oklahoma, and New Mexico in addition to 30+ operating subsidiaries, with 16 million health plan members and 24,000 employees.

Hunt Companies is at the forefront of the Real-Time Payments (RTP) movement. Adopting the technology to lower bank wire fees and reducing the time spent correcting rejected payments has already provided significant gains in...

Hunt Companies is at the forefront of the Real-Time Payments (RTP) movement. Adopting the technology to lower bank wire fees and reducing the time spent correcting rejected payments has already provided significant gains in both hard and soft savings. “I am very happy to be pioneering Real-Time Payments with Hunt Companies, as I want us to be there when it is widely accepted by more banks and not have to play catch up. It benefits every business line across the organization as we can reduce bank fees substantially on payments.” David Miller, Treasurer & Sr. Vice President, Hunt Companies Key Challenges: The volume of payments processed by Hunt Companies monthly resulted in significant bank fees. With wire transfers, often the rejection notification of the payment would come hours – even days – after the payment was shown as complete. Significant time was spent by the department to research and resend failed payments. Real-Time Benefits of Real-Time Payments Reduces bank fees from $6 on average for a wire transfer to less than $1 for RTP, with a potential for much greater savings as more banks are added An impactful number of productivity hours gained per month by Hunt’s finance team no longer needing to research and re-issue failed wire payments In just 3 months, Hunt Companies has seen a 375% increase in number of payments using RTP month-over-month, a number expected to grow exponentially as more banks are added and transaction size limits are increased. While currently less than 10% of Hunt’s payments are made using RTP, transaction size limits were only recently raised to $1M, already making an impact for Hunt. David Miller, Hunt’s Treasurer & Sr. Vice President, is eager to see the transaction limit continue to increase and more banks adopt RTP. The Hunt® trademark is registered to its respective holder and use of the trademark does not imply any affiliation with Kyriba or Real-Time Payments (RTP). To the best of our knowledge, the information contained herein is accurate and reliable; however, we do not assume any liability whatsoever for the accuracy and completeness of the above information and make no warranties which extend beyond the description contained herein. Any information given in this statement does not constitute any warranty of merchantability or fitness for a particular use.

“During our implementation, we took the Big Bang approach of replacing our previous TMS, Payment Factory and many home-grown tools all at once. On Day 1 of “Go Live” we were successful in connecting...

“During our implementation, we took the Big Bang approach of replacing our previous TMS, Payment Factory and many home-grown tools all at once. On Day 1 of “Go Live” we were successful in connecting to our banks and making payments in over 20 currencies, with more than 250 users trained in 18 countries.” Scott PaulyTreasury Manager and Implementation Lead, Ingram Micro Inc. Day 1 Implementation Success Bank connections and payments in over 20 currencies Cash Management and Forecasting modules deployed for real time cash positioning and In-House Banking structure FX transactions seamlessly feeding from trading application Loan facilities and investment trading All data feeding upstream to financial reporting applications for enterprisewide visibility 250 users in 18 countries trained and operational at Go-Live for enterprisewide visibility   “Ingram Micro won the Implementation of the Year award for making the FX lifecycle into something that takes minutes per day instead of hours, and for making this highly complex and error prone process into something that runs like clockwork.” Leslie SlaterFounding Principal, 3PO Consulting, LLC

Hear first-hand from Kyriba clients how treasury transformation was realized through Kyriba’s innovation, technology and support. Treasury leaders at Specialized Bicycle Components, HealthCare Services Corporation, Cenveo Worldwide, Koch Industries, and LifeSpace Communities share their...

Hear first-hand from Kyriba clients how treasury transformation was realized through Kyriba’s innovation, technology and support. Treasury leaders at Specialized Bicycle Components, HealthCare Services Corporation, Cenveo Worldwide, Koch Industries, and LifeSpace Communities share their key challenges prior to implementing Kyriba, and highlight positive business results achieved with Kyriba. About Cenveo Worldwide Cenveo is the world leader in the management and distribution of print and related offerings, encompassing 20 facilities across the United States with a long history of delivering top value for customers. https://cenveo.com/ About Health Care Services Corporation Health Care Service Corporation (HCSC) is the fourth largest health insurer in the US, with revenues of $62 billion. A mutually owned company, it has 16 million health plan members, 20,000 employees and more than 30 operating subsidiaries. The treasury team, which consists of 41 people, is responsible for managing 14 bank relationships and more than 200 bank accounts. It also oversees $12 billion in cash management and investment assets, as well as $120 billion of cash transactions on an annual basis. https://www.hcsc.com/ About Koch Industries Koch Industries is one of the largest private companies in America. A diverse set of businesses and industries across the world work together to keep improving and exploring new ways to make life even better. https://www.kochind.com/ About LifeSpace Communities Lifespace Communities is a not-for-profit organization that owns and operates 14 continuing care retirement communities (CCRCs) in seven states, serving more than 4,700 residents and employing nearly 3,700 team members. https://www.lifespacecommunities.com/ About Specialized Bicycle Components Founded on the principle of performance and fueled by innovation, our focus on the rider and their needs is our constant. From seasoned pros and weekend warriors, to kids and commuters—if you ride, we’re for you. The passion we have for sharing our love of bikes with the world can be seen in those who choose to work here. Headquartered in Morgan Hill, CA, the passionate and creative teammates at Specialized have designed and manufactured the world's most innovative bikes and gear since 1974. http://www.specialized.com

Dana Farber Cancer Institute implemented Kyriba after years of operating cash management and accounting in an ad hoc manner: Doing what was necessary but relying on significant manual processes and disparate systems. Behind their...

Dana Farber Cancer Institute implemented Kyriba after years of operating cash management and accounting in an ad hoc manner: Doing what was necessary but relying on significant manual processes and disparate systems. Behind their industry peers in process maturity, Dana Farber worked with Kyriba to quickly change all that. “In all these areas we've grown from all manual based to full automation, providing 100% visibility for strategic decision making. We are looking at realtime and on-demand cash visibility for a strategic cash forecast we can continually fine-tune.” Gerry DiStefano, Director of Treasury, Dana Farber Cancer Institute Key Challenges with Cash Visibility: Heavy manual, excel-based model resulted in excessive, unstructured and disparate functions in Treasury and Accounting. Limited visibility into cash positioning within their ERP and across the organization, as updates were only done at the end of the month. Strategic decision-making was near impossible without real-time cash positioning and forecasts. Positive Business Outcomes from Kyriba: Fully automated, insight-driven processes resulting in 228 hours per month saved - an 83% productivity improvement across the organization. Kyriba is capturing 98.4% of accounting activities, with 82% of accounting rules mapped. $925K in annual value realized in cash optimization and productivity Value Realization: 228 Hours Per Month Kyriba’s Value Realization Assessment (VRA) enabled Dana Farber Cancer Institute to provide the current state review post Kyriba deployment, resulting in 83% productivity improvement, including but not limited to: Cash Accounting & Reconciliation: 121 hours saved per month (81% improvement), plus 100% productivity improvement on reporting and posting inter-company cash transactions, financial transactions and month-end market valuations Daily Cash Positioning: 58 hours saved per month; 92% improvement Short and Long Term Cash Forecasting: 49 hours saved per month; 82% improvement “It’s nice to be in the strategic performance sector with benefits realized across the organization.” Gerry DiStefano, Director of Treasury, Dana Farber Cancer Institute Annual Hard Savings of $652K Increased interest income by nearly $215,000 annually Improved strategic business investment to $437,500 annually About Dana-Farber Cancer Institute Dana-Farber is a principal teaching affiliate of Harvard Medical School and federally designated a Comprehensive Cancer Center that develops and disseminates innovative patient therapies and scientific discoveries throughout the world. Since 1948, the Jimmy Fund has raised millions of dollars through thousands of community efforts to advance Dana-Farber’s lifesaving mission.

BASF creates chemisty for a sustainable future. They combine economic success with environmental protection and social responsibility. “With Kyriba, we implemented a tool that helped us achieve visibility into our global currency risk and...

BASF creates chemisty for a sustainable future. They combine economic success with environmental protection and social responsibility. “With Kyriba, we implemented a tool that helped us achieve visibility into our global currency risk and FX position with the touch of a button.” Roland Heisecke, Director Treasury Risk Management, BASF SE   The BASF Challenge BASF’s former FX Management process was based on a regional, decentralized approach to exposure reporting and risk transfer to HQ, making it nearly impossible for treasury to accurately calculate and mitigate FX risk on a global perspective. Identifying the Right Solution Kyriba Risk Management provided BASF with the opportunity to implement a streamlined, automated and universal FX management process across every region. An Automated FX Risk Transfer (ART) tool was also developed to analyze the FX risk positions of BASF’s subsidiaries and automatically generate hedge deals to transfer risk from the entity to HQ. Measuring Success » Significant reduction of manual effort » Increased transparency - daily updated overview of FX risks » Aggregation of FX risks reduced hedging costs  

“Kyriba provided a great tool that allowed us to delever nearly 30% just by knowing where our cash was, where it was needed, and getting it there in the most efficient manner, eliminating needless...

“Kyriba provided a great tool that allowed us to delever nearly 30% just by knowing where our cash was, where it was needed, and getting it there in the most efficient manner, eliminating needless borrowing. We are a very satisfied client. We utilize Kyriba every day. Kyriba is one of the easiest and most robust applications I have ever used.” Morty Mandel, Director of Finance Operating in over 25 countries, Bray International found themselves in spreadsheet chaos, with limited visibility into global cash positions, resulting in inefficient processes and needless borrowing. With Kyriba, they saw immediate deleverage results and value realization in global visibility and standardized forecasting, with significant gains in productivity. Before Kyriba Decentralized processes using multiple Excel spreadsheets Limited cash visibility resulting in needless borrowing. Non-standard cash forecasting Cumbersome and loss of confidentiality in payments Positive Outcomes with Kyriba Global and centralized visibility into cash positions Standardized cash forecasting Better utilization of cash to service debt Drastically reduced error rate Robust security and confidentiality Improved GL Reconciliation speed and accuracy Modules Implemented Cash Management Cash Forecasting Cash Accounting Financial Transactions Payments GL Reconciliation What’s Next Payment Factory FX Risk Management » 97% productivity gains in reconciliation processes » 30% deleverage even through Covid

“Where we have already seen a significant time-savings has been the payments module. In just a few months, having all the feeds into the system from various banks and ERPs, and automatically creating reports...

“Where we have already seen a significant time-savings has been the payments module. In just a few months, having all the feeds into the system from various banks and ERPs, and automatically creating reports and payments from those reports has shown incredible value to our organization. It has been night and day from where we were before.” Christopher Lynn, Cash Analyst   As Lifespace looks to grow their number of communities nationwide, while maintaining best practices and efficiencies in Treasury, Kyriba has been able to adapt to their scale and size, tailoring the modules to accommodate budget while creating value. Before Kyriba Excel-based Daily Funding Multiple reports from multiple different sources Main Drivers to Kyriba Instant visibility into cash positioning Automation of payments process Adaptability to the smaller enterprise Modules Implemented Payments Cash Accounting What’s Next Cash Forecasting Debt & Investment Automated Reconciliation

How one of America’s largest privately held companies put Kyriba technology to work to centralize Treasury functions and achieve strategic level maturity. In 2018, Koch Industries worked with Kyriba’s Value Engineering team to perform...

How one of America’s largest privately held companies put Kyriba technology to work to centralize Treasury functions and achieve strategic level maturity. In 2018, Koch Industries worked with Kyriba’s Value Engineering team to perform a process maturity assessment for their treasury and finance functions. What they uncovered was a definitive need for a TMS to assist in realigning and improving internal processes. Key Challenges Lack of real-time visibility across their global banking landscape. Excessive labor intensity and process disparity in cash management and payment workflows. Ad-hoc bank account management due to sheer volume of banks worldwide. Journey to Digital Transformation While Koch was structured to operate in an Excel environment, their needs had outgrown the limited tools and capabilities Excel offered. Post implementation of Kyriba, Koch Treasury was able to: Achieve 90% on-demand cash visibility into global cash balances, standardizing systematic workflows. Become a better partner for finance and increased collaboration across the organization with centralized information and reporting. Establish themselves as a strategic operation, with best practices in place for operational efficiencies. “Kyriba has enabled us to achieve 90% on-demand cash visibility which meets our needs for daily liquidity management. Having insight as to where cash is and what our balances are globally and in real time, is a HUGE benefit from Kyriba. We never came close to the level of accuracy and efficiency we have now.” Mark Waggoner, Assistant Treasurer at Koch Industries Value Realization: Global Cash Visibility Prior to Kyriba, Koch’s entities operated independently when it came to cash management. When they made the strategic decision to bring all cash and bank management under one platform, they achieved full confidence in their daily cash positioning worldwide. They were also able to centralize treasury operations into one, global treasury team. “We now have a centralized tool that everyone uses globally to standardize how we manage cash and that has created efficiencies in our operating model.” Chris Mitchell, Treasury Director at Koch Industries Modernizing Payment Processes The project wasn’t to simply push all payments to Kyriba. It was a true exercise in modernizing the entire Koch infrastructure while still controlling costs. Kyriba’s payment libraries and standardized workflows improved: Connectivity as a Service through bank formatting and management. Payment visibility through a payments hub. Multiple ERPs connected for seamless workflows. Financial security through better system access controls. “Our payment processes were pretty antiquated before this project. We saw the opportunity with Kyriba to bring those up to more modern standards. It gives us a good platform moving forward to continue to modernize our payment platforms.” Mark Waggoner, Assistant Treasurer at Koch Industries About Koch Industries Koch Industries is one of the largest private companies in America. A diverse set of businesses and industries across the world work together to keep improving and exploring new ways to make life even better.

La gestione della liquidità aziendale ha fruttato un valore pari a 490.000 $ in meno di tre mesi Cenveo aveva bisogno di accrescere la visibilità della propria liquidità complessiva e di offrire al management...

La gestione della liquidità aziendale ha fruttato un valore pari a 490.000 $ in meno di tre mesi Cenveo aveva bisogno di accrescere la visibilità della propria liquidità complessiva e di offrire al management informazioni utili on-demand sulle prestazioni dei loro obiettivi strategici di liquidità. La trasformazione digitale della gestione della liquidità aziendale tramite Kyriba ha portato subito dei risultati di grande impatto: Key Challenges L’executive leadership aveva bisogno di informazioni sulla liquidità e analisi di scenari on-demand affidabili, in tempo reale e su cui basare le proprie decisioni. Processi di tesoreria diversificati, time consuming e non standardizzati consumavano 729 ore al mese di lavoro di un team di ridotte dimensioni. L'eccessivo carico di lavoro e la gestione diversificata dei processi di gestione e previsione della cassa e flussi di pagamenti comportavano un consumo di 7 ore di lavoro al giorno. Journey to Digital Transformation La società di consulenza Clearsulting ha condotto una valutazione approfondita di Cenveo, evidenziando la necessità di adottare un software per la gestione della liquidità. Clearsulting ha contribuito a migliorare i processi di approvazione e pagamento delle fatture, ha ottimizzato i processi di previsione di cassa e contabilità e gestito le attività di implementazione. Per determinare cosa cambiare, perché cambiare e perché farlo immediatamente, Cenveo si è servita del servizio di Collaborative Value Assessment (CVA) del team di Value Engineering di Kyriba. “Il passaggio più critico nel nostro processo di valutazione delle soluzioni prevedeva l'utilizzo del servizio del team di Value Engineering di Kyriba, che ci ha aiutati a documentare cosa serviva fare, perché serviva farlo e perché serviva farlo subito.” Benjamin Seal, VP tesoreria   Value Realization: 657 ore al mese Il Value Realization Assessment o VRA ha permesso a Cenveo di fornire l'analisi del proprio stato attuale a seguito dell'implementazione di Kyriba, da cui si evince un miglioramento della produttività del 90%, che include, tra gli altri, i seguenti aspetti: Gestione della cassa: 100% di visibilità della liquidità in tempo reale, con un incremento di produttività pari a 95 ore al mese. Previsione di cassa: miglioramento dell'accuratezza delle previsioni di liquidità del 43%, con un incremento di produttività pari a 113 ore al mese. Ottimizzazione della liquidità e dei pagamenti: i miglioramenti nell'integrità dei dati e nei controlli dei flussi di lavoro hanno portato un incremento di produttività pari a 137 ore al mese. “La piattaforma di gestione della liquidità aziendale di Kyriba ha raggiunto l'obiettivo di fornire informazioni affidabili e tempestive sulla liquidità e ha permesso di promuovere il processo di trasformazione del mio team consentendogli di assumere un ruolo meno tattico e più strategico all'interno dell'azienda.” Benjamin Seal, VP Treasury   Cenveo e Kyriba: una partnership aziendale strategica Supply Chain Financing: si valuta un potenziale guadagno di 17,7 milioni di dollari dovuti a un miglior flusso di cassa Business Interruption Claims dell'attività. SU CENEVO Cenveo è leader mondiale nella gestione e distribuzione di offerte stampate e relativi accessori. Dispone di 20 strutture in tutti gli Stati Uniti e da tempo si distingue per la fornitura di un servizio di altissima qualità. Scarica il pdf

Scientist.com è la piattaforma leader di mercato per la ricerca e sviluppo in outsourcing. Questa piattaforma semplifica l'approvvigionamento di servizi di ricerca e sviluppo, risparmiando tempo e denaro, riducendo i rischi e fornendo l'accesso...

Scientist.com è la piattaforma leader di mercato per la ricerca e sviluppo in outsourcing. Questa piattaforma semplifica l'approvvigionamento di servizi di ricerca e sviluppo, risparmiando tempo e denaro, riducendo i rischi e fornendo l'accesso alle tecnologie e agli strumenti più innovativi. La necessità di una Supply Chain Finance accessibile I finanziamenti sono da sempre un problema per i fornitori di servizi di ricerca di piccole e medie dimensioni nel settore dell'outsourcing pre-clinico. Queste aziende sono spesso costrette ad accettare termini di pagamento a 120 giorni, fissati dalle grandi aziende farmaceutiche. Di conseguenza, i fornitori lottano per accedere ai finanziamenti necessari che permetterebbero loro di formulare offerte per progetti in concorrenza con rivali più grandi. "La finanza è il cuore di un'organizzazione. Se vi sono limitazioni o vincoli, si taglia l'ossigeno o l'energia per alimentare la funzionalità operativa dell'organizzazione: nuova innovazione, R&S e operazioni quotidiane" Kris Kagan, Vice Presidente dell’Area Finance, Scientist.com Anche se le grandi aziende farmaceutiche utilizzano programmi di Supply Chain Finance (SCF), spesso non sono accessibili ai fornitori più piccoli. Per esempio, un programma può acquisire solo fornitori che apportano milioni di dollari in termini di spesa. Inoltre, anche se i fornitori soddisfano tale criterio, il processo di onboarding può richiedere mesi per essere completato e rivelarsi dispendioso per il fornitore del programma, poiché i grandi fornitori tendono ad avere alti costi operativi. Il programma di pagamento anticipato salvavita di Scientist.com Scientist.com si è reso conto che se un'opzione di pagamento anticipato venisse resa disponibile ai fornitori di tutte le dimensioni attraverso un programma di SCF, più aziende sarebbero in grado di concentrarsi sull'innovazione, piuttosto che sulla sola copertura dei costi operativi. In definitiva, ciò stimolerebbe la scoperta di nuovi farmaci. Scientist. com ha altresì identificato il potenziale, per la propria azienda, di ottenere un nuovo flusso di profitti in rapida crescita fornendo finanziamenti ai fornitori. Così, nel 2019, Scientist.com ha lanciato SciPayTM, una soluzione di capitale circolante di Kyriba che presenta opzioni di pagamento anticipato, onboarding rapido, gestione delle fatture e sconto dinamico per contribuire a finanziare la ricerca per qualsiasi organizzazione, indipendentemente dalle sue dimensioni. Così facendo, i fornitori di servizi di ricerca hanno accesso ai finanziamenti necessari per formulare offerte su progetti che prima erano bloccati a causa della mancanza di risorse. Mettere in gioco SciPay - Ridurre il rischio e creare opportunità Per trovare i migliori candidati per SciPay, Scientist. com ha sfruttato le proprie relazioni di lunga data con clienti di grandi aziende farmaceutiche e biotecnologiche, nonché il proprio portafoglio di oltre 3.100 fornitori. In pochi mesi, 45 fornitori indicati come piccole imprese si sono iscritti al programma. Aderendo al programma, si riduce il rischio sia per i fornitori che per gli acquirenti. Per gli acquirenti, SciPay mantiene inalterate le attività, assicurando che il lavoro sia completato prima del pagamento di una fattura e consentendo termini di pagamento estesi che non interrompano la filiera, poiché Scientist.com si assume l'onere del pagamento. Per i fornitori, i pagamenti anticipati si traducono in crescita, consentendo loro di formulare offerte su progetti a cui prima non avevano accesso, ora che hanno il capitale circolante per coprire i costi operativi. Scientist.com ritiene che il successo di SciPay sia il risultato sia del suo forte impegno interno nei confronti dell'iniziativa, sia della sua partnership strategica con Kyriba. Lavorando insieme, i team di finanza e sviluppo hanno integrato la piattaforma di SCF di Kyriba con i sistemi operativi esistenti di Scientist.com, nonché la sua banca, per garantire che i pagamenti e i dati di SciPay fluissero in modo sicuro e senza intoppi. "Abbiamo scelto Kyriba per due motivi principali", ha affermato Kris Kagan, Vicepresidente dell’Area Finance di Scientist.com. "Ci ha fornito l'opportunità di un programma di pagamento anticipato e siamo stati in grado di utilizzare tale programma di pagamento anticipato e unirlo ai moduli di TMS di cui Kyriba dispone. La seconda ragione è che eravamo alla ricerca di partner nel settore che potessero rendere scalabile la nostra attività, e Kyriba è stato un partner incredibile". Accelerare il processo di innovazione L'innovazione scientifica ora sta avvenendo più velocemente che mai grazie a SciPay. Nel complesso, l'intero ciclo di vita del processo di approvvigionamento è stato ridotto del 50% e il processo source- to-settle è stato accelerato dell'80%. Di conseguenza, i ricercatori possono eseguire progetti ed espandere le loro linee di prodotti più rapidamente. Il processo di innovazione sta diventando anche più efficace in termini di costi per gli acquirenti di servizi di ricerca. Quando vi sono più fornitori con capitale circolante sufficiente per proporre offerte sui progetti, è possibile ridurre il prezzo del progetto. SciPay ha apportato alcuni significativi vantaggi commerciali anche a Scientist.com. In primo luogo, si ha un vantaggio competitivo quando si tratta di attirare i fornitori di ricerca verso la propria piattaforma. Il fatto che i fornitori debbano solo iscriversi a un programma di SCF, piuttosto che a più programmi, senza alcuna barriera all'ingresso, è molto allettante. Inoltre, gli acquirenti di servizi di ricerca sono in grado di raggiungere facilmente oltre 3.100 fornitori registrati in tutto il mondo in un unico posto. Infine, poiché Scientist.com utilizza il proprio capitale circolante per finanziare i fornitori, ha aumentato le entrate attraverso l'implementazione di SciPay. In definitiva, SciPay ha uno scopo più grande di quello di essere una piattaforma finanziaria. Promuovendo una maggiore concorrenza nel mercato della ricerca e consentendo ai fornitori di scoprire più rapidamente farmaci salvavita, SciPay sostiene l'ambiziosa missione di Scientist.com di contribuire a curare tutte le malattie dell'uomo entro il 2050.

L'azienda di beni di consumo Newell Brands ha sfruttato la tecnologia per portare a termine un importante progetto di modernizzazione della tesoreria. Nel 2016, Newell Rubbermaid ha acquistato Jarden Corporation per formare una nuova...

L'azienda di beni di consumo Newell Brands ha sfruttato la tecnologia per portare a termine un importante progetto di modernizzazione della tesoreria. Nel 2016, Newell Rubbermaid ha acquistato Jarden Corporation per formare una nuova azienda di beni di consumo da 16 miliardi di dollari, Newell Brands. Sebbene l'accordo abbia portato notevoli vantaggi per l’azienda, ha altresì comportato una serie di sfide per quanto riguarda la tesoreria. Necessità di innovare Prima dell'acquisizione, entrambi i team dedicavano molto tempo ai processi manuali, quindi le opportunità di intraprendere attività a valore aggiunto erano limitate. La tesoreria di Newell aveva soto-investito in tecnologia, il che significava che il team combinato doveva assumersi numerosi compiti aggiuntivi senza aumentare l'organico. Per la gestione della liquidità quotidiana venivano utilizzati fogli di calcolo, il che offriva all'azienda una visibilità globale di cassa limitata. Le posizioni di cassa giornaliere erano manuali e per essere completate richiedevano due dipendenti per oltre 20 ore a settimana, mentre il rendiconto di cassa globale era disponibile solo una volta al mese. L'automazione era necessaria anche per quanto riguarda le operazioni di copertura (hedging). Nonostante le grandi perdite nette delle operazioni sul tasso di cambio, le inefficienze di processo dimostravano che l'azienda non avesse implementato un programma di copertura del bilancio e copriva unicamente prestiti intersocietari una tantum. Per gestire le coperture dei flussi di cassa si utilizzava una soluzione software indipendente, ma mancava di automazione. "Raccogliere e integrare i dati è stata la sfida più grande, ed è qui che stiamo vedendo i maggiori vantaggi" Era chiaro che la tecnologia e l'automazione erano essenziali se il team di tesoreria voleva raggiungere il proprio obiettivo di diventare più strategico e dare valore all'organizzazione. A seguito dell'acquisizione, Amit Singh, nuovo SVP e tesoriere di Newell, ha messo in atto un piano per integrare e modernizzare l'organizzazione della tesoreria combinata. Per l'idea di Singh erano fondamentali l'introduzione di una soluzione di gestione della tesoreria (TMS) e di una soluzione di analisi delle valute basate sul cloud che potessero rendere automatiche le attività manuali, ridurre il rischio e consentire di risparmiare tempo per l'analisi strategica dei dati. A seguito di un processo formale di RFP, Kyriba è stata scelta come TMS per la gestione della cassa e della liquidità, la gestione dei pagamenti, la connettività bancaria, la contabilizzazione delle operazioni di copertura e i derivati sui tassi di interesse. Newell ha selezionato inoltre una piattaforma di gestione delle valute basata sul cloud, FiREapps, per la raccolta dei dati, il consolidamento dell'esposizione, l'analisi e la segnalazione delle valute e le raccomandazioni di copertura. L'azienda si è altresì affidata al supporto commerciale di FXall, che è stato integrato nella soluzione Kyriba e FiREapps per automatizzare il processo di copertura. A seguito di un processo formale di RFP, Kyriba è stata scelta come TMS per la gestione della cassa e della liquidità, la gestione dei pagamenti, la connettività bancaria, la contabilizzazione delle operazioni di copertura e i derivati sui tassi di interesse. Newell ha selezionato inoltre una piattaforma di gestione delle valute basata sul cloud, FiREapps, per la raccolta dei dati, il consolidamento dell'esposizione, l'analisi e la segnalazione delle valute e le raccomandazioni di copertura. L'azienda si è altresì affidata al supporto commerciale di FXall, che è stato integrato nella soluzione Kyriba e FiREapps per automatizzare il processo di copertura. I vantaggi Il progetto ha portato a una trasformazione completa della tesoreria. Il nuovo processo estrae dati da 38 sistemi ERP originari e da 25 diverse unità aziendali. Quale conseguenza dell'automazione della gestione della tesoreria, del flusso di lavoro modernizzato e delle previsioni di cassa più tempestive e accurate, la dimensione del programma di copertura del bilancio è cresciuta da 800 milioni di dollari nel 2015 a 2 miliardi di dollari nel 2016. Inoltre, con l'implementazione della robusta soluzione di contabilizzazione delle operazioni di copertura e trading, Newell ha realizzato 1,3 milioni di dollari di risparmi nel trading con l'integrazione di FiREapps e FXall. I processi di tesoreria in generale sono diventati considerevolmente più efficienti, con un flusso di lavoro automatizzato che consente di avere più tempo per le attività a valore aggiunto. La visibilità di cassa è aumentata da meno del 50 per cento al 95 per cento, mentre il consolidamento delle piattaforme tecnologiche ha anche portato a un risparmio di 120.000 dollari all'anno. Oltre ai vantaggi esistenti, il progetto getta le fondamenta per miglioramenti futuri. Questi potrebbero includere l'aggiunta di funzionalità di attività bancarie interne e di compensazione delle valute in Kyriba, nonché l'espansione dei processi di previsione dell'esposizione del flusso di cassa in FiREapps. Onorare il lavoro di squadra Il progetto ha completamente modernizzato i processi di tesoreria di Newell, un risultato che Singh attribuisce a due fattori. Il primo è l'utilizzo di una tecnologia innovativa. Il secondo è il supporto di un team di tesoreria interno dedicato e ambizioso, che non si è fatto scoraggiare dallo sconvolgimento di una fusione significativa. "Una cosa è avere delle idee, un'altra è attuarle", ha affermato Singh. “Sono fortunato ad avere un team che ha creduto nei meriti della tecnologia nel campo della tesoreria, e che ha lavorato così duramente per mettere in atto tali soluzioni".

Il tentativo di frode è iniziato con un'e-mail proveniente dal CEO. Fortunatamente, il team di tesoreria di un costruttore immobiliare leader di mercato aveva lavorato diligentemente per stabilire processi di pagamento efficaci che avrebbero...

Il tentativo di frode è iniziato con un'e-mail proveniente dal CEO. Fortunatamente, il team di tesoreria di un costruttore immobiliare leader di mercato aveva lavorato diligentemente per stabilire processi di pagamento efficaci che avrebbero ridotto il rischio di pagamenti fraudolenti o imprecisi. Tali politiche includevano controlli interni, tecnologie informatiche e diffusione, cultura aziendale e monitoraggio/conformità. Una richiesta credibile L'assistente tesoriere ha ricevuto un'e-mail dal CEO che richiedeva un bonifico di 8 milioni di dollari per eseguire l'acquisizione di una società target britannica. Data la natura riservata della transazione, l'e-mail indicava che l'assistente tesoriere non avrebbe dovuto parlare del bonifico con nessuno. E come se non bastasse, il tesoriere era in ferie. La transazione sembrava credibile e l'e-mail imitava accuratamente lo stile di scrittura del CEO. Nel momento in cui l'assistente tesoriere ha iniziato a occuparsi della richiesta del CEO, si è reso conto che per una serie di ragioni non sarebbe riuscito a effettuare il bonifico. Le normative incontrano la realtà tramite Kyriba Grazie ai controlli stabiliti dall'azienda e tenuti in essere da Kyriba: Il pagamento non poteva essere elaborato da una sola persona. Questa azienda aveva configurato Kyriba in modo che ogni pagamento prevedesse l’intervento di almeno tre dipendenti prima che potesse essere elaborato. Un dipendente richiede il pagamento, un dipendente elabora il pagamento e un ultimo dipendente approva/invia il pagamento. L'importo di 8 milioni di dollari superava il livello dell'autorità dell'assistente tesoriere su Kyriba. La piattaforma di Kyriba applica limiti di autorità che danno a ogni dipendente un massimo specifico sull'importo del pagamento che può approvare. Questi avrebbe dovuto ottenere l'approvazione da qualcuno con un limite più elevato per poter effettuare il bonifico. Una frode sventata sul nascere Quando l'assistente tesoriere si è recato nell'ufficio del CEO per parlarne, è diventato subito evidente che tale richiesta di bonifico fosse fraudolenta. L'uso di Kyriba da parte dell'azienda per applicare le proprie normative interne di prevenzione dalle frodi è stato fondamentale per prevenire tale tentativo di frode. Altri modi in cui Kyriba aiuta questa azienda a identificare e proteggere dalle frodi includono la rapida diffusione delle informazioni, al fine di garantire che tutte le transazioni siano comunicate in modo estensivo alla contabilità e ad altri dipartimenti chiave. La piattaforma distribuisce report chiave, tra cui una lista di pagamenti in corso di elaborazione, più volte al giorno. La diffusione quotidiana dei report permette al loro gruppo contabile di effettuare riconciliazioni contabili tempestive che evidenziano i pagamenti fraudolenti o imprecisi ed evita che si verifichino in futuro. Grazie alla capacità di Kyriba di supportare la suddivisione dei compiti, i limiti di autorizzazione dei pagamenti e i controlli bancari, tale importante costruttore immobiliare ha evitato una perdita di 8 milioni di dollari.

Royal FrieslandCampina è una delle più grandi aziende lattiero-casearie del mondo; una cooperativa con oltre 18.000 agricoltori nei Paesi Bassi, in Germania e in Belgio. Cinque anni fa, il team di tesoreria aziendale ha...

Royal FrieslandCampina è una delle più grandi aziende lattiero-casearie del mondo; una cooperativa con oltre 18.000 agricoltori nei Paesi Bassi, in Germania e in Belgio. Cinque anni fa, il team di tesoreria aziendale ha avviato un passaggio da policy maker aziendale a dipartimento di tesoreria aziendale strategico e proattivo. Esso vanta un team operativo centralizzato quale parte di un nuovo assetto organizzativo. Lo scopo di tale cambiamento era quello di ottenere una visione globale e il controllo della liquidità dell'azienda, sostenendo al contempo le funzioni di tesoreria di base nei centri di servizio condivisi. Il primo passo è stata l'implementazione di un hub di pagamenti centralizzato che supportasse la standardizzazione dei processi di pagamento globali. Dopo che una delle principali banche di gestione della liquidità ha annunciato la cessazione dei servizi di gestione della liquidità globale, il team di tesoreria aziendale si è reso conto che se volevano dar vita al cambiamento e raggiungere i risultati previsti, ogni membro del team doveva avere un obiettivo preciso. A questo proposito, è stato creato un team dedicato alle operazioni di tesoreria che includeva un responsabile del progetto di tesoreria e un responsabile dei sistemi di tesoreria. Un altro elemento chiave alla base di questa trasformazione è stato lo sviluppo di una strategia informatica dedicata alla tesoreria, che ha stabilito linee guida chiare per la selezione dei nuovi sistemi. La scelta di soluzioni cloud è stata particolarmente importante per rendere le operazioni di tesoreria pronte per il futuro, al fine di ridurre la dipendenza complessiva dal team informatico interno e avere sempre una versione aggiornata per aumentare la velocità del processo decisionale. "Ora abbiamo gli strumenti per ottimizzare ulteriormente i nostri flussi di cassa e i processi, in modo rapido ed efficiente. Possiamo fornire una migliore visione interna e una maggiore capacità decisionale ai nostri stakeholder, e grazie all'automazione abbiamo più tempo per riflessioni strategiche." Jeroen Brieffies, Capo delle operazioni di tesoreria, Royal FrieslandCampina Questo allestimento ha accelerato la messa a punto di un processo ottimale di pagamento e riscossione globale che sarebbe diventato più efficiente in termini di tempo e di costi e meno soggetto a errori, utilizzando un'infrastruttura informatica efficiente e snella. Il Progetto Everest, come è stato chiamato, è nato nel 2017 per realizzare tali obiettivi. In seguito a un'attenta consultazione da parte dei principali stakeholder, il piano del progetto è stato delineato con quattro campi per raggiungere la vetta. 1) Netting interaziendale: I team di servizi condivisi hanno impiegato molto tempo per correggere gli errori nelle fatture interaziendali. La liquidazione dei pagamenti interni veniva elaborata su base lorda tramite conti bancari esterni. Nel 2017, la tesoreria aziendale ha selezionato Coprocess quale strumento di netting globale per la corrispondenza, la discussione e il netting mensile. Il netting di un milione di fatture all'anno è ora un processo continuo, che libera dalla pressione dell'elaborazione di fine mese da parte dei centri di servizi condivisi e riduce le spese di transazione di 100.000 euro all'anno. I maggiori risparmi vengono però ottenuti attraverso l'ottimizzazione del processo. 2) Attività bancaria interna: Per fornire una base per ridurre ulteriormente i pagamenti esterni e abbandonare il pooling nozionale, nel 2018 è stato selezionato e implementato un sistema bancario interno. Durante il processo di selezione, Kyriba ha fornito a FrieslandCampina l'opportunità non solo di creare una solida banca interna, ma anche di aggiornare e integrare la funzionalità di TMS all'interno di un'unica soluzione. La soluzione totale è stata implementata in sei mesi ed è entrata in funzione alla fine del 2018, con funzionalità di tesoreria complete e una banca interna. Dopo la conversione di pool nozionali in pool in perfetto equilibrio, la banca interna ha oltre 180 conti, e un saldo di 3,7 miliardi di euro. I primi pagamenti senza contanti su scala interaziendale, i tassi di cambio e il netting vengono registrati attraverso la banca interna, e il numero di conti bancari esterni viene ridotto di 50. 3) Payment Factory: Con la banca interna in essere, l'ultimo passo per raggiungere la vetta è l'implementazione di una Payment Factory. Tramite l'utilizzo di conti virtuali, FrieslandCampina desidera ridurre ulteriormente il numero di conti bancari e ottenere il controllo dei flussi di cassa in uscita e in entrata. Nel 2019 è stato avviato un progetto pilota con più banche. 4) Oltre la vetta: FrieslandCampina è continuamente alla ricerca dell'ottimizzazione digitale e utilizza l'efficiente impostazione del team operativo di tesoreria per raggiungere gli obiettivi. Il prossimo punto in agenda è l'implementazione del modulo di gestione del rischio di cambio di Kyriba (ex FiREapps), per automatizzare il trading sul tasso di cambio e calcolare e monitorare centralmente l'esposizione ai tassi di cambio. Verrà altresì implementata una RPA (Robotic Process Automation) per ridurre ulteriormente i passaggi manuali nei processi di tesoreria e netting. Visto che il team ora si concentra sull'eccellenza operativa, finora il progetto Everest è stato consegnato in tempo, con processi integrati, senza interruzione dell'attività, rispettando il budget e superando le aspettative. "Siamo molto orgogliosi del percorso di trasformazione digitale iniziato dalla tesoreria", afferma il responsabile delle operazioni di tesoreria Jeroen Brieffies. "Ora abbiamo gli strumenti per ottimizzare ulteriormente i nostri flussi di cassa e i processi, in modo rapido ed efficiente. Possiamo fornire una migliore visione interna e una maggiore capacità decisionale ai nostri stakeholder, e grazie all'automazione abbiamo più tempo per riflessioni strategiche.”

What were Mantrac’s objectives? Mantrac Group’s treasury structure was highly complex and dependent on manual processes. Visibility over cash was limited, particularly as the group was using almost 100 banks, with over 700 bank...

What were Mantrac’s objectives? Mantrac Group’s treasury structure was highly complex and dependent on manual processes. Visibility over cash was limited, particularly as the group was using almost 100 banks, with over 700 bank accounts across 13 countries. The lack of visibility meant cash was not always held in the most suitable accounts, creating inefficiencies when paying down debt. And the use of almost 50 e-banking systems resulted in control risks, as well as operational challenges. To tackle these challenges, Group Treasurer Roshun Tulkens, shortly after he joined the Group, embarked on a six-month exercise to interview and research potential providers, while consolidating the company’s bank relationships. While multiple banks were still needed in complex markets like Egypt, Nigeria and Iraq, the team was able to reduce its banking relationships to less than 20 banks and 300 bank accounts – resulting in an impressive $1.6m cost saving via bank fee reductions. "We wanted to be able to sleep better at night by having the controls in place to mitigate potential fraud." Roshun TulkensGroup Treasurer, Mantrac Group Why did Mantrac choose Kyriba? Tulkens looked at eight different systems to find the best fit for Mantrac’s needs. One consideration was the need for a system that could provide the right support in challenging markets. “A lot of TMSs are focused on Europe and North America,” says Tulkens. “We wanted a provider that could help us in complicated markets like Africa, Iraq and Russia – and we also wanted a system that was strong on payments.” Another consideration was that the new TMS would be used by teams representing 30 different companies. It was therefore important to choose an intuitive system that could be used by local finance people. Other considerations included cost and the proposed implementation time. Based on these criteria, Mantrac selected Kyriba as its TMS provider. "If we hadn’t completed phase one before the crisis, the situation would have been much more challenging. If you have to log into multiple e-banking systems or call banks to work out how much money you’ve got, there is not going to be a lot of time for strategic decision-making." Roshun TulkensGroup Treasurer, Mantrac Group What was the implementation experience? The implementation was structured into two phases: the first focused on cash management, forecasting, reporting and accounting, while the second focused on payments and valuations. With over 140 people using the system, training was an important consideration, and had to be delivered across different time zones and in different languages. While the beginning of the COVID-19 crisis brought some challenges – such as the transition to remote working and the need for wet signatures – the second phase was completed successfully, with training and testing carried out remotely. What benefits did Mantrac realize? One major benefit is the visibility that has been achieved – not just over cash, but also over payments and pricing. “Before the implementaion, I did not have visibility over the volume of payments we were making from each of our banks, the volume of collections coming into each bank and the bank charges we were paying,” says Tulkens. Connectivity with other systems such as the procurement database and ERP system has not only improved security controls, but also eliminated the need for manual intervention. Other benefits include the ability to forecast and mitigate fraud risk more effectively, as well as lower FX costs. In total, the TMS has generated added value of $800,000 per annum by enabling the company to harness process efficiencies and time savings, switch to cheaper electronic payments and pay down debt using excess cash. What is next for Mantrac Treasury? Looking forward, the team won’t be resting on its laurels. “There will be some further bank consolidation, particularly in some of the more challenging jurisdictions,” says Tulkens. “We are also expanding into two new countries.” At the same time, the team will continue to streamline processes, as well as incorporating some recent acquisitions into the system. And with Mantrac’s five-year digital plan underway, other topics could include looking at the value of machine learning in the context of cash forecasting, as well as potentially integrating the TMS with a new ERP system.

Visibility Challenges Şişecam’s international growth over the past few decades meant the company had a fragmented approach to cash management. While treasury handled strategic decisions such as borrowing, individual subsidiaries within the group handled...

Visibility Challenges Şişecam’s international growth over the past few decades meant the company had a fragmented approach to cash management. While treasury handled strategic decisions such as borrowing, individual subsidiaries within the group handled their own payment operations and managed their cash using their enterprise resource planning (ERP) systems. Treasury provided guidance to subsidiaries on how they should manage their cash. However, Şişecam lacked a centralized reporting system that could provide real-time visibility over cash balances globally and indicate whether guidance was being followed. Reporting tended to take place on a monthly basis, with individual subsidiaries reporting at the end of the month. As a result, treasury had to follow complex, labor-intensive and time-consuming processes to gain group-wide visibility over cash. "The biggest benefit with Kyriba is that you have one platform from which you can manage your bank operations for all your companies across the world." Baris Gokalp Treasury and Finance Director Şişecam   Payment Issues In addition, Şişecam’s payment processes were inefficient. While it was sending payment files to its banks via file transfer protocol (FTP), it followed these up with written instructions sent by fax and email. If a key signatory was unavailable, a payment could be held up by several hours until the signature was collected. Typically, it took between 30 and 60 minutes to execute a payment. Furthermore, not all payment orders were created via ERPs, which made it difficult to monitor and track payables. Quantitative Results 1000 bank account statements delivered daily 15 minutes the maximum end-to-end time it takes to make a payment Three-year history of transactional banking data One-week onboarding period for new companies and banking partners 10 country operations using Kyriba   Search for a Solution In its search for a treasury management system (TMS), Şişecam specifically looked for a vendor that met the following criteria: A good reputation in the market – and the ability to provide global customer references Supplier of a cloud-based, software-as-a-service (SaaS) solution that could integrate with different ERP and banking systems, while supporting the payment formats of different countries Provision of a fraud detection system A focus on security and security certifications Extensive experience with large-scale TMS implementations for other global businesses A strong relationship with SAP – Şişecam’s main ERP system – and the ability to integrate with other ERP systems outside of SAP Kyriba met all of these criteria. Its TMS would also enable Şişecam to quickly onboard new ERP systems and banking partners as the group made acquisitions. Business Transformation The implementation of Kyriba has given Şişecam complete visibility over its cash and totally transformed how it manages its payments. It now receives SWIFT MT940 end-of-day bank account statements through its Kyriba TMS, which means it has an up-to-date view of its cash positions. It can also access transactional data with its banks stretching back three years. Furthermore, all payment orders have to be raised via Şişecam’s ERP systems, heightening the group’s control over the payment process. If there is no record of a payment order in an ERP system, that payment will not be made. Once an order has been raised on an ERP system, a payment file is created directly within Kyriba. Signatories can log in to the system to approve payments quickly and easily, using multi-factor authentication security. Şişecam’s banks are also able to rapidly highlight formatting errors and raise queries about specific payments. The time it takes to execute a payment has fallen to between eight and 15 minutes. Kyriba’s digital approval processes proved a real benefit when Şişecam’s staff were asked to work from home due to COVID-19. Signatories were able to approve payments remotely, which eradicated the health risks associated with handling hard-copy documents. Fraud Detection In addition to the Kyriba Payments Network’s general payments module, Şişecam implemented the fraud detection module to raise alerts around suspicious payments – for example, alerting the first payment to a new supplier or a payment to a regular supplier that is significantly larger than usual. Besides picking up on changes to IBANs of the suppliers, the system checks if the company or country is sanction listed or not. When the system identifies a suspicious payment, it requires additional checks to be made. As a result, Şişecam can prevent fraud in real time, rather than just respond to fraudulent activities that have already taken place. Next Steps Going forward, Şişecam plans to use Kyriba to offer a supply chain finance service. At present, the company follows manual processes when agreeing on the discounting terms and making payments to suppliers in certain markets. With a digital process, all the suppliers of Şişecam will have the ability to monitor and discount their receivables from Şişecam Group Companies Worldwide. It also plans to integrate Kyriba’s cash forecasting module and foreign exchange management product into its program. A Positive Experience Şişecam found the process of implementing Kyriba easy, with go-live happening relatively quickly. Employees are very impressed with the system, which they find easy-to-use. Significantly, Şişecam has benefited from Kyriba’s accumulated knowledge and experience of working with numerous customers around the world. For example, Kyriba has already established extensive connections with banks in different countries. It is also aware of processes that different companies use to facilitate safer payments or reduce the risk of fraud. The recent COVID-19 crisis has highlighted the value of Kyriba being a SaaS solution and its ability to support and foster business continuity. Kyriba manages the disaster recovery process for its TMS, and as payment files are created and stored on the system, they can be easily recovered.

“We have standardized what were once fragmented, global payment processes across multiple ERPs, enabling automation, stronger controls and better visibility.” Janice Minter, Senior Treasury Analyst, Amway Key Payments Challenges The continued growth and global...

“We have standardized what were once fragmented, global payment processes across multiple ERPs, enabling automation, stronger controls and better visibility.” Janice Minter, Senior Treasury Analyst, Amway Key Payments Challenges The continued growth and global nature of Amway’s business presented many positives, but it also created challenges for the treasury function. Amway’s operations spanned more than 80 markets, but more than 200 local banks were used for cash management and 50 banks initiated and transmitted payments. Maintaining bank connectivity with source systems was taxing and the treasury team recognized that a transformation of the global payments process was required to scale to growing business needs. The key challenges that drove treasury to this conclusion included: A lack of transparency into global payments Inconsistent payment controls across countries Inefficient alignment of payments to shared services operations Increased risk of unauthorized and fraudulent payments Numerous banking connections needed for source systems A Plan for Payments Transformation At the inception of the project, Amway conducted a detailed analysis to help identify specific areas of the payments process that needed improvement. The analysis concluded that the company’s technology infrastructure was unable to meet expected future payments volume; current processes did not support remote access and payment connectivity; and payments were initiated out of too many banks and accounts resulting in unnecessary banking fees. To remedy the issues, Amway established a list of goals for the payments transformation process: Implementation of a single payment hub technology to consolidate payment activity into one portal Automatic management of bank payment formats Support of SWIFT connectivity and select host-to-host connectivity protocols for enhanced bank security and encryption Integration with the company’s new ERP solution for digitized integration of approved payment files Building a Better Payments Workflow Post-needs analysis, Amway chose Kyriba as its treasury management system (TMS) and designed an entirely new global payments workflow, including a technology roadmap that outlined the need for a best-of-breed payments platform. In the new workflow, business units initiate payments for approval within the ERP system. After all approvals are in place, the payments are added to the ERP’s payment file and sent from one of three regional finance shared service centers to the Kyriba payment hub where the appropriate banking formats for each bank are identified. To address Amway’s complicated banking connections to source systems, a singular pipeline (standard payment template) was created. Today, Amway’s source systems leverage that template to provide the payment file to Kyriba and Kyriba manages the connections/specs with the company’s banking partners, freeing up IT resources to focus on other business initiatives. After banking formats for each bank are identified and attached to each payment, an approval at the batch level is required for payments to be transmitted by the bank’s choice of connectivity, including a direct host-to-host solution to transmission via Amway’s SWIFT BIC. After the payment file is received by the bank, payment acknowledgments (ACKs and NACKs) are impoarted into the payment dashboard within Kyriba. Service center staff leverage this data to track payments in real-time. To close out the workflow, prior-day bank statements also flow into Kyriba and the ERP’s cash management module, enabling automatic reconciliation of daily bank statements. Lastly, verified payments are processed to the general ledger. An Award-winning Payments Program Amway’s initiative to transform the way it managed global payments was no small feat. The centralization of payments to three regional shared service centers was a significant shift away from local expertise and siloed payments. Local bank portals and processes were replaced with payments technology from Kyriba and the number of banks used for payments were cut in half. Amway was able to drive cost savings and operational efficiencies through overhauling their payments process. In recognition of its efforts, Amway won the 2019 Silver Alexander Hamilton Award in Working Capital and Payments. Overall, Amway was able to realize reduced risk of payment fraud, improved productivity, standardized payment controls and a reduction in working capital requirements.   About AmwayAmway is an entrepreneur-led health and wellness company based in Ada, Michigan. It is committed to helping people live better, healthier lives – across more than 100 markets worldwide. According to Forbes magazine, it is among the Top 50 privately held, family-owned companies in the United States. Top-selling brands for Amway are Nutrilite™, Artistry™, and XS™ energy – all sold exclusively by entrepreneurs who are known as Amway Business Owners. Amway is the No. 1 direct selling business in the world, according to the 2021 Direct Selling News Global 100.

In transitioning from legacy and largely manual processes for hedging foreign exchange (FX) risk management, the treasury department of Trane Technologies sought greater visibility and quantification of its exposures. This involved partnering with a...

In transitioning from legacy and largely manual processes for hedging foreign exchange (FX) risk management, the treasury department of Trane Technologies sought greater visibility and quantification of its exposures. This involved partnering with a dedicated technology provider and adoption of a centrally-led FX management strategy. "Kyriba resolves our immediate FX risk management limitations and allows us to develop best in class solutions." Chris DonohoeAssistant Group Treasurer, Having previously suffered an inability to determine key factors impacting FX exposure in real-time, analysis was reactive rather than proactive; numerous ERP systems with varying capabilities made analysis complicated, cumbersome and directional in nature, so hedging was limited only to known exposures such as intercompany loans; and consolidation tools provided functional currency or USD transparency, without transactional currency details. To address these gaps and translate exposure management into meaningful analysis that adds value to the business, Trane Technologies turned to FiREapps, now a Kyriba company. "We now have have the ability to work with our entities on specific projects and to implement business solutions rather than simply providing high-level FX hedging." Chris DonohoeAssistant Group Treasurer, Net Asset Position by Currency — to map and detail net asset exposure by asset category, legal entity, SBU, region and enterprise Map FX Accounting — to cross check for FX bookings in relation to P&L, CTA and cash flow reporting Hedge Determination — to determine Value at Risk (VaR) analysis for all hedging programs and portfolio risk optimisation to determine most efficient strategies Advanced Reporting — to explain sources of noise in the FX results and provide dashboard reporting on balance sheet hedging effectiveness Thanks to working with Kyriba for the past two years, Chris and his team are now able to cite quantitative and qualitative benefits beyond expectation, the most impressive of which is achieving 97 percent realtime visibility of group FX exposure. Most note-worthy is the global reduction of risk by an excess of 50 percent over 12 months based on the VaR quantification, which is immense for a company of this size and stature. “We in treasury have evolved into a true strategic partner to the business rather than just a corporate function,” explains Chris. “We now have have the ability to work with our entities on specific projects and to implement business solutions rather than simply providing high-level FX hedging.” Chris also notes an increased engagement from the business, resulting from awareness training and a more detailed outline of exposures. Global group risk quantification and trend analysis by business unit and by currency and dashboard presentations for business and board perspectives are also clear strategic benefits. Some Examples of the New Global Net Asset Exposure Quantification Process NB: figures and currency pairs not actual - for example purposes only

A Fragmented View In 2010, Wanhua began the process of upgrading its finance technology. At the time, it relied on numerous e-banking solutions, which was not only inefficient but resulted in the business having...

A Fragmented View In 2010, Wanhua began the process of upgrading its finance technology. At the time, it relied on numerous e-banking solutions, which was not only inefficient but resulted in the business having an incomplete record of its payment transactions. Meanwhile, the growth in its overseas business highlighted some shortcomings in group-wide treasury management. As a result, Wanhua wanted to adopt a treasury solution that would serve to unify its domestic and international operations. "By optimizing, integrating and automating our systems to achieve the end-to-end processing of domestic and international payments, we have laid the foundation or the eventual consolidation of all financial data across the group. The solution has also helped Wanhua to more easily adapt to unpredictable economic changes, meet global regulatory standards and support China’s globalization strategy with a view to overseas expansion.” Zhang Shoujun General Manager, Finance Department Wanhua Chemical Group   Unifying International Operations Finance IT Manager Feng Yongjin wanted to deploy a treasury management solution that would enable Wanhua to enhance and “futureproof” its ‘super e-banking’ capabilities. The solution, which needed to be expandable and scalable, had to provide an automated, centralized and global view of the company’s financial position. This would allow the company to improve internal security and controls, and reduce the risk of payment fraud. The solution also needed to enable intelligent processing in order to improve customer and supplier satisfaction. Establish transaction data maintenance requirements for each overseas entity and create a processing template that was in line with corporate business standards. Achieve global data integration with all of the company’s supplier banks with the objective to meet current and future language and policy requirements of each entity. Build a globally-unified processing platform for automated, smart payment routing based on big data analysis from international bank accounts. Supporting Overseas Payments During the implementation process, Wanhua fully mobilized the global resources of Kyriba and its partner banks. It undertook manual inspections, as well as multiple rounds and combinations of stresstesting. Kyriba designed standard payment templates to meet Wanhua’s current and future business needs and established a standard for the maintenance of transaction data. Kyriba’s cloud-based treasury management solution integrates data from Wanhua’s enterprise resource planning system with data provided by its supplier banks. As a result, the solution supports Wanhua’s banking activities, including international and Chinese wire transfers, electronic acceptances, e-commerce business, letters of credit and different payment types. Additionally, Wanhua was able to automate 98 percent of its payments and cut their accounting entries in half thanks to the streamlined settlement and accounting rules brought on by Kyriba that adhere to the requirements of each local jurisdiction. Intelligence and Visibility With the help of Kyriba, Wanhua Chemical Group has established a global data standard for its supplier banks, achieved integrated and automated payments processing, and connected 13 overseas banks in five countries. The company has also been able to unify and standardize payment templates, reduce the cost and extent of manual operations, and gain greater intelligence and visibility in terms of global treasury management.

Scientist.com è la piattaforma leader di mercato per la ricerca e sviluppo in outsourcing. Questa piattaforma semplifica l'approvvigionamento di servizi di ricerca e sviluppo, risparmiando tempo e denaro, riducendo i rischi e fornendo l'accesso...

Scientist.com è la piattaforma leader di mercato per la ricerca e sviluppo in outsourcing. Questa piattaforma semplifica l'approvvigionamento di servizi di ricerca e sviluppo, risparmiando tempo e denaro, riducendo i rischi e fornendo l'accesso alle tecnologie e agli strumenti più innovativi. La necessità di una Supply Chain Finance accessibile I finanziamenti sono da sempre un problema per i fornitori di servizi di ricerca di piccole e medie dimensioni nel settore dell'outsourcing pre-clinico. Queste aziende sono spesso costrette ad accettare termini di pagamento a 120 giorni, fissati dalle grandi aziende farmaceutiche. Di conseguenza, i fornitori lottano per accedere ai finanziamenti necessari che permetterebbero loro di formulare offerte per progetti in concorrenza con rivali più grandi. "La finanza è il cuore di un'organizzazione. Se vi sono limitazioni o vincoli, si taglia l'ossigeno o l'energia per alimentare la funzionalità operativa dell'organizzazione: nuova innovazione, R&S e operazioni quotidiane" Kris Kagan, Vice Presidente dell’Area Finance, Scientist.com Anche se le grandi aziende farmaceutiche utilizzano programmi di Supply Chain Finance (SCF), spesso non sono accessibili ai fornitori più piccoli. Per esempio, un programma può acquisire solo fornitori che apportano milioni di dollari in termini di spesa. Inoltre, anche se i fornitori soddisfano tale criterio, il processo di onboarding può richiedere mesi per essere completato e rivelarsi dispendioso per il fornitore del programma, poiché i grandi fornitori tendono ad avere alti costi operativi. Il programma di pagamento anticipato salvavita di Scientist.com Scientist.com si è reso conto che se un'opzione di pagamento anticipato venisse resa disponibile ai fornitori di tutte le dimensioni attraverso un programma di SCF, più aziende sarebbero in grado di concentrarsi sull'innovazione, piuttosto che sulla sola copertura dei costi operativi. In definitiva, ciò stimolerebbe la scoperta di nuovi farmaci. Scientist. com ha altresì identificato il potenziale, per la propria azienda, di ottenere un nuovo flusso di profitti in rapida crescita fornendo finanziamenti ai fornitori. Così, nel 2019, Scientist.com ha lanciato SciPayTM, una soluzione di capitale circolante di Kyriba che presenta opzioni di pagamento anticipato, onboarding rapido, gestione delle fatture e sconto dinamico per contribuire a finanziare la ricerca per qualsiasi organizzazione, indipendentemente dalle sue dimensioni. Così facendo, i fornitori di servizi di ricerca hanno accesso ai finanziamenti necessari per formulare offerte su progetti che prima erano bloccati a causa della mancanza di risorse. Mettere in gioco SciPay - Ridurre il rischio e creare opportunità Per trovare i migliori candidati per SciPay, Scientist. com ha sfruttato le proprie relazioni di lunga data con clienti di grandi aziende farmaceutiche e biotecnologiche, nonché il proprio portafoglio di oltre 3.100 fornitori. In pochi mesi, 45 fornitori indicati come piccole imprese si sono iscritti al programma. Aderendo al programma, si riduce il rischio sia per i fornitori che per gli acquirenti. Per gli acquirenti, SciPay mantiene inalterate le attività, assicurando che il lavoro sia completato prima del pagamento di una fattura e consentendo termini di pagamento estesi che non interrompano la filiera, poiché Scientist.com si assume l'onere del pagamento. Per i fornitori, i pagamenti anticipati si traducono in crescita, consentendo loro di formulare offerte su progetti a cui prima non avevano accesso, ora che hanno il capitale circolante per coprire i costi operativi. Scientist.com ritiene che il successo di SciPay sia il risultato sia del suo forte impegno interno nei confronti dell'iniziativa, sia della sua partnership strategica con Kyriba. Lavorando insieme, i team di finanza e sviluppo hanno integrato la piattaforma di SCF di Kyriba con i sistemi operativi esistenti di Scientist.com, nonché la sua banca, per garantire che i pagamenti e i dati di SciPay fluissero in modo sicuro e senza intoppi. "Abbiamo scelto Kyriba per due motivi principali", ha affermato Kris Kagan, Vicepresidente dell’Area Finance di Scientist.com. "Ci ha fornito l'opportunità di un programma di pagamento anticipato e siamo stati in grado di utilizzare tale programma di pagamento anticipato e unirlo ai moduli di TMS di cui Kyriba dispone. La seconda ragione è che eravamo alla ricerca di partner nel settore che potessero rendere scalabile la nostra attività, e Kyriba è stato un partner incredibile". Accelerare il processo di innovazione L'innovazione scientifica ora sta avvenendo più velocemente che mai grazie a SciPay. Nel complesso, l'intero ciclo di vita del processo di approvvigionamento è stato ridotto del 50% e il processo source- to-settle è stato accelerato dell'80%. Di conseguenza, i ricercatori possono eseguire progetti ed espandere le loro linee di prodotti più rapidamente. Il processo di innovazione sta diventando anche più efficace in termini di costi per gli acquirenti di servizi di ricerca. Quando vi sono più fornitori con capitale circolante sufficiente per proporre offerte sui progetti, è possibile ridurre il prezzo del progetto. SciPay ha apportato alcuni significativi vantaggi commerciali anche a Scientist.com. In primo luogo, si ha un vantaggio competitivo quando si tratta di attirare i fornitori di ricerca verso la propria piattaforma. Il fatto che i fornitori debbano solo iscriversi a un programma di SCF, piuttosto che a più programmi, senza alcuna barriera all'ingresso, è molto allettante. Inoltre, gli acquirenti di servizi di ricerca sono in grado di raggiungere facilmente oltre 3.100 fornitori registrati in tutto il mondo in un unico posto. Infine, poiché Scientist.com utilizza il proprio capitale circolante per finanziare i fornitori, ha aumentato le entrate attraverso l'implementazione di SciPay. In definitiva, SciPay ha uno scopo più grande di quello di essere una piattaforma finanziaria. Promuovendo una maggiore concorrenza nel mercato della ricerca e consentendo ai fornitori di scoprire più rapidamente farmaci salvavita, SciPay sostiene l'ambiziosa missione di Scientist.com di contribuire a curare tutte le malattie dell'uomo entro il 2050.

What is the value of Kyriba to your organization? Trish Fisher, director treasury operations, WeWork, shares the top benefits of Kyriba, and how Kyriba powers digital transformation with real-time visibility at WeWork to bring...

What is the value of Kyriba to your organization? Trish Fisher, director treasury operations, WeWork, shares the top benefits of Kyriba, and how Kyriba powers digital transformation with real-time visibility at WeWork to bring their treasury to the next level.

French retail group Auchan uses reverse factoring to pay suppliers sooner without negative impact to working capital. After the global financial crisis, Auchan Group’s suppliers began asking whether their invoices could be paid sooner,...

French retail group Auchan uses reverse factoring to pay suppliers sooner without negative impact to working capital. After the global financial crisis, Auchan Group’s suppliers began asking whether their invoices could be paid sooner, as they were struggling to secure bank financing on acceptable terms. When some of these suppliers began to have difficulty fulfilling orders placed by Auchan, it was clear that action was needed. The group began exploring how reverse factoring programs could be used to pay suppliers faster and at favorable terms, without adversely affecting Auchan’s working capital. These programs would need to be supported by a supplier portal in order to keep suppliers informed about the status of their invoices. Auchan therefore decided to set up ASAP (Auchan Supplier Advanced Platform), a wholly owned subsidiary, which would provide the group’s entities with reverse factoring programs. Another goal of the project was to modernize the group’s payment methods, thereby improving security and reducing costs. "The feedback from suppliers that joined the program has been unanimously positive. We have met their expectations in terms of visibility, simplicity, transparency, independence and attractiveness." François Verrodde, CEO of ASAP, Auchan Group Getting started Once management had given the project the green light, the company rapidly assembled the affected teams: purchasing, IT, legal and the financial department. “This was a company-wide project in response to highly strategic challenges,” said François Verrodde, CEO of ASAP and head of the Group's Reverse Factoring programs. “It was therefore important to have powerful sponsors within the company, and the involvement of all players.” Where technology was concerned, Auchan was looking for a bank-independent solution which could cover multiple laws, languages, banks, IT systems, repositories and currencies. “Only a solution independent from the banks, such as that offered by Kyriba, could natively integrate all of these requirements,” said Verrodde. He notes that the decision to adopt Kyriba’s platform was also driven by the need for a modern, flexible and customizable solution. The implementation began with a pilot phase incorporating four group entities and three banking partners. “We approved some of the decisions made, such as the financing arrangements offered to our suppliers,” said Verrodde. Thereafter, the focus was on onboarding as many suppliers as possible to the platform using a range of communication methods, from an e-mail campaign to in-person discussions at conventions. Quantitative Results 15,500 Suppliers Paticipating 5 Auchan group entities covered 47% Increase in financing requests. Dec. 2016-2017 Surpassing the original goals Three years after the project began, the program has already exceeded the company’s original goals with over 15,500 suppliers on the platform. ASAP currently tracks reverse factoring programs on behalf of five different group entities: Hypermarkets France, Supermarkets France, Auchan Poland, Auchan Romania and Auchan Portugal. Suppliers can use Kyriba’s portal to access information about the status of their invoices and can finance their invoices on attractive terms with a few clicks. “The feedback from suppliers that joined the program has been unanimously positive,” said Verrodde. “We have met their expectations in terms of visibility, simplicity, transparency, independence and attractiveness.” In some countries, the company has also been able to move from paper-based payments to electronic transfers. For other companies looking to adopt a similar program, Verrodde emphasizes the importance of working with multiple banks, adding this was “essential” to the success of Auchan’s project. He also notes the importance of addressing legal considerations thoroughly: “In our multinational environment, with its wide array of legislation, any legal impact must be approved by our internal teams, with the support of an outside firm that specializes in international finance.” Future plans Looking ahead, it is likely that the reverse factoring programs will be expanded into additional countries. “Our primary mission is to support the growth of Auchan Group, so naturally we will respond to requests from other countries that face significant challenges in this area,” said Verrodde. The company also hopes to develop existing tools further in order to provide greater agility and flexibility. Future developments could include the use of techniques such as purchase order-based financing or dynamic discounting. “Of course, we are working on these issues in close cooperation with our partner Kyriba, which has effectively supported us from the start of this project, and continues to provide us with appropriate solutions,” Verrodde concludes.

Graff Diamonds has been expanding its network of overseas stores since the first one opened in Monaco in 2000. It now has 45 of its own stores across Europe, Asia, the United States and...

Graff Diamonds has been expanding its network of overseas stores since the first one opened in Monaco in 2000. It now has 45 of its own stores across Europe, Asia, the United States and South Africa with 6 local finance teams whose core responsibility was originally to validate fund clearance for sales. Monthly accounting was always done on a cash rather than accrual basis with too many banks and multiple currency accounts for every entity across 15 different countries. With a new senior finance team in place in 2013, Graff had treasury-based aspirations to achieve solid monthly accrual accounting, better cash management and stronger controls and visibility with less reliance on spreadsheets. When he first came aboard in 2013, one of CFO Andrew Nicholson's first decisions was to implement Kyriba. The greatest value he now sees is the improved visibility and control. Here he tells us more about the benefits of a TMS from the C-level perspective. Why and how did you select Kyriba over other providers? When I joined Graff I made the decision almost immediately to deploy a TMS. We undertook a rigorous selection process and found that Kyriba best met both our current and expected needs without any unnecessary extra functionality. Of course, integration with our ERP was crucial, as was the centralisation and standardisation of cash and payments and the ability to drawdown and track credit facilities. In the end, the fact that Kyriba is a hosted web-based platform and could provide real-time access to consolidated bank reports was the real determining factor in my decision. The payments and connectivity functionality of Kyriba is particularly important. Can you explain why? It was simply unsustainable to continue logging into each individual e-banking platform in order to approve payments. Having rationalised our bank relationships and selected one leading local commercial bank in each country, it was then key for us that Kyriba could offer a single, consolidated point of access across all our bank accounts. We also needed the ability to set up payments, to define different payment types, to receive notification of pending approvals and we needed a robust security framework with dual-factor authentication and dual authorisation. "From one single, low maintenance and user-friendly platform, we have greater visibility of current and future cash positions, solid controls and less reliance on error prone spreadsheets." Andrew Nicholson CFO of Graff How do you measure the success of your Treasury operation? We don’t formally measure the success of our treasury and finance operation in terms of KPIs. What the owners do recognise is that with Kyriba we have shared visibility of accurate data coming from different sources into one format. From one single, low maintenance and user-friendly platform, we have greater visibility of current and future cash positions, solid controls and less reliance on error-prone spreadsheets. This in turn has led to improvements in operational efficiency, the ability to make more informed and strategic decisions and cost savings, which in turn is contributing to overall productivity and growth of the company. Quantitative Results 15 Countries of operation 11 Different currencies 5/1 Reduction in number of finance teams As CFO, what do you get out of a Treasury Management System? The main benefit I personally get from Kyriba is risk mitigation through much greater confidence in my treasury. I receive meaningful data to analyse, including automated standardised reports and accurate cash forecasts. I can also authorise transactions remotely. We can access real-time, centralised bank statements first thing in the morning. Finally, we can source and analyse historical data for bank queries and we have centralised and secure payments control. What is next for Graff Diamonds and Kyriba? Well, we have actually purchased some additional functionality that we have yet to start using for FX exposure management and GL reconciliation. I think the plan for 2018 is to focus on rolling these out and we are also exploring the adoption of Kyriba’s newly released Payments Fraud Detection module, which, considering our business is high value luxury-based retail, is critical in the current climate.

Innovation - Sound Treasury Management In alignment with the company’s truly innovative approach to technology, and in support of the challenges associated with managing the exponential growth of a world class digital music service,...

Innovation - Sound Treasury Management In alignment with the company’s truly innovative approach to technology, and in support of the challenges associated with managing the exponential growth of a world class digital music service, Spotify’s treasury team planned an ambitious transformation project in 2014 centered around the Kyriba platform. It started with a review and rationalisation of the company’s banking relationships. Project visionary Johan Bergqvist’s strategy to select and work with a core number of banks was totally unconventional and yielded significant returns on relationships and time. Instead of a traditional RFP for banking services, Spotify with support from an external consultancy firm, analysed data to identify which banks that in earlier RFP processes had won in the areas that were relevant for Spotify. These banks were invited to a collaborative workshop to learn about the business and to discuss Spotify’s strategic requirements and how the bank and its products could support those needs. Once the banks understood Spotify’s business and pain points they could dedicate their time to analyse how they could remove operational friction, instead of answering a five page questionnaire of things someone else already vetted. Once selected, it was imperative from the outset for Spotify to maximise global bank connectivity and scalability with the utmost efficiency. The innovative and strategic leadership from Bergqvist looked to Software-as-a-Service models to accommodate the fast-paced growth of his own Saas music product. The transformation project was then initiated following Spotify’s decision to join the SWIFT network. "Our goal was to create a solution oriented and agile treasury to support short and long term business expansion. As a small team, we needed a secure, robust and scalable solution that integrated well with our systems, and although innovation comes from both internal drive and external collaboration, we found that among other technology partners, Kyriba was best aligned to support our needs." Johan Bergqvist, VP, Corporate Finance & Treasury, Spotify Collaboration - Sharing the Vision Key to successful deployment was the collaborative approach of a dynamic team who understood the vision and shared a common goal. Delivery of the broad scope within a challenging timeline meant the project was split into two phases. The first phase - run by a cohesive team of solution experts from Kyriba and external consultancy Covarius - focused on building the bank reporting architecture via Kyriba’s integrated SWIFT Service Bureau, setting up the Spotify entities to align with the cash pools set-up within the Spotify Group. A payment import from, and General Ledger (GL) export to the main Enterprise Resource Planning (ERP) solution were set-up, as well as a market data feed and online trading platform interface. With engagement and close involvement from Spotify’s IT team, the interfaces were designed and built within a month, enabling the business users to concentrate on the task of end-to-end payment and statement import testing with the banks. Quantitative Results 5x Estimated reduction in operational risk 2x Increase in treasury productivity $65k Annual bank fee savings During onsite workshops in Stockholm, the consulting team worked closely with Spotify to design and test workflows built around the SWIFT automation for cash positioning and payments processing. Legacy spreadsheet-based cash positioning processes were quickly decommissioned once automated bank feeds were reconciled to the new process. Segregation of duties built into the approval workflows were shared between the treasury team and accounting department centrally within Kyriba. This enhanced central visibility and security of payments, while reducing reliance on bank-specific software. Finally, the prior day reconciliation workflow with cash categorisation and transaction matching, allowed Spotify to post GL journals for all bank activity to the ERP system on a daily basis. Risk Mitigation - Treasury and Beyond In parallel to the global rollout of Kyriba to support Bergqvist’s vision of a centralised payment factory for enhanced security and visibility of cash, the second phase of the project extended the functional scope. In order to mitigate the challenges faced by any global organisation working in multiple geographies and currencies, Spotify and one of its banking partners built a cloudbased algo-driven FX solution, thus removing manual work and shifting focus towards more strategic and analytic work. Spotify’s Treasury is utilising the Hedge Accounting functionality in Kyriba to ensure a correct and efficient accounting for the derivatives used for hedging the FX exposure. Expansion - Growing with Intent Reflecting the effort and vision of its treasury team combined with the agile implementation of Kyriba, Spotify is now fully equipped to perform its function in a rapidly expanding environment. Enhancing visibility through improved cash management and accounting, while mitigating the risk of fraud and human error through a centralised payments factory, the added financial controls, standardised workflows and treasurywide audit trails have strategically positioned Spotify for its next phase of growth and helped realise Bergqvist’s vision of achieving a cutting-edge treasury.